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Attention online merchants – new lawsuit against visa!!!

sebastian

Corporate Services
Mentor Group Lifetime
Jan 8, 2009
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I just read some post about Visa, here it is, since I'm also interested maybe someone has some input to this ?


Does anyone have any information about this problem? A lawsuit has been filed and I’m trying to learn more about it. Online merchants might be getting ripped off through inflated credit card chargebacks.


Here’s how it goes:


First, online merchants are defrauded by foreign buyers using stolen credit card numbers. When the real cardholder reports the fraud, VISA and other credit card companies may be using the wrong foreign-currency exchange rates to perform the chargeback. If VISA uses a higher rate of exchange, THEN THE MERCHANT LOSES SERIOUS MONEY!!!


Visit chargebackdispute [dot com] if you’re interested in learning more. Merchants who have fallen victim to this possible scheme may be eligible for compensation.
 
This one has been posted all over the forums and I do not believe that this applies to many of us.


However always good to have the latest news in regards to Visa and Payment Industry.
 

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